The days when a peaceful old age could be guaranteed by continued employment by the same company for many years have certainly passed. Modern times have brought many advances but also a great deal of uncertainty. Many people realize that they cannot depend upon the honor or ability of a single employer to see them through their working life. That is why becoming an entrepreneur has become such a powerful desire with so many people.

There are any number of reasons why people decide to enter into the world of commerce. Some people think that they have excellent ideas that have not been explored before. Others are convinced that financial security can only be attained by owning and running a business. Yet others want to remain in control of their own lives and some even go on their own because they detest being subordinate to a boss.

It is an unfortunate fact that a very large percentage of new businesses fold very quickly. The main reasons cited for this phenomenon are the inability to manage cash flow, the inability to understand that a good idea is not enough to start a business and the inability to gather a trustworthy team. Many would be entrepreneurs also fail to realize that they need sound business training before they can hope to achieve success.

A successful business certainly does not become successful simply because the proprietor had a good or innovative idea. Innovation and creativity is certainly important but much more need to be done to turn such ideas into successful businesses. Proper marketing research and financial planning is necessary. In most cases exert advice needs to be obtained and it is sometimes even necessary to hire professional help.

Many successful new business owners opt for a franchise. There are many good reasons to consider this option. Franchises use proven business models and the mother company offers extensive support to the new owner. They also provide marketing material and they are able to negotiate better deals on leases and finance. Franchise companies normally do whatever they can to make sure that new franchise holders succeed.

Another reason why new businesses fail is because they fail to develop long term plans. It is vital to have a strategy that will enable the new business to take advantage of new opportunities and to overcome threats. Many new business owners become so involved in the day to day management of their enterprises that they fail to plan for the future. In this way they fail to foresee adverse conditions and they fail to recognize new opportunities.

There is another great danger to new businesses. Owners are often enthusiastic but they fail to realize that they cannot continue to do everything themselves. As the business grows they become overwhelmed by responsibilities and many tasks are left undone. They need to learn how to delegate responsibilities and how to focus on those aspects of the business where they can best make a difference.

Becoming an entrepreneur is a dream shared by many people. It is a difficult route, however. It is necessary to stay on top of the market, to develop new skill all the time and to learn how to trust others. Running a successful business can be exhilarating but falling into a morass of difficulties can be a nightmare.